Financials BCE Inc.

Equities

BCE

CA05534B7604

Integrated Telecommunications Services

Market Closed - Toronto S.E. Other stock markets 21:40:11 19/09/2024 BST			5-day change	1st Jan Change
47.73 ^CAD	-1.63%		-0.33%	-8.51%

09-19	Rogers Brief: RBC Capital Markets Notes Deal At a slightly higher purchase price and accelerated timeline Versus Its Expectations	MT
09-19	Rogers Brief: Keeps Outperform But Target Raised To C$66 From $65 at RBC Capital Markets As Acquires a Majority Stake in MLSE	MT

Projected Income Statement: BCE Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,964	22,883	23,449	24,174	24,673	24,635	24,864	25,274
Change	-	-4.51%	2.47%	3.09%	2.06%	-0.15%	0.93%	1.65%
EBITDA ¹	10,106	9,607	9,893	10,199	10,417	10,619	10,839	11,026
Change	-	-4.94%	2.98%	3.09%	2.14%	1.94%	2.06%	1.73%
EBIT ¹	5,594	4,615	5,284	5,476	5,499	5,628	5,832	5,963
Change	-	-17.5%	14.5%	3.63%	0.42%	2.35%	3.62%	2.24%
Interest Paid ¹	-1,132	-1,110	-1,082	-1,146	-1,475	-1,692	-1,751	-1,792
Earnings before Tax (EBT) ¹	4,386	3,265	3,936	3,893	3,323	3,291	3,945	4,119
Change	-	-25.56%	20.55%	-1.09%	-14.64%	-0.96%	19.86%	4.43%
Net income ¹	3,040	2,498	2,709	2,716	2,076	2,275	2,692	2,876
Change	-	-17.83%	8.45%	0.26%	-23.56%	9.57%	18.37%	6.83%
Announcement Date	06/02/20	04/02/21	03/02/22	02/02/23	08/02/24	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	5,984	6,316	5,680	5,354	5,787	6,102	5,706	5,698	5,836	6,209	5,850	5,861	6,024	6,439	6,054	6,066	6,080	6,473	6,011	6,005	6,093	6,482	6,065	6,062	6,160	6,556
Change	-	5.55%	-10.07%	-5.74%	8.09%	5.44%	-6.49%	-0.14%	2.42%	6.39%	-5.78%	0.19%	2.78%	6.89%	-5.98%	0.2%	0.23%	6.46%	-7.14%	-0.1%	1.46%	6.39%	-6.43%	-0.05%	1.61%	6.43%
EBITDA ¹	2,594	2,508	2,442	2,331	2,454	2,404	2,429	2,476	2,558	2,430	2,584	2,590	2,588	2,437	2,538	2,645	2,667	2,567	2,565	2,697	2,715	2,634	2,636	2,746	2,808	2,762
Change	-	-3.32%	-2.63%	-4.55%	5.28%	-2.04%	1.04%	1.93%	3.31%	-5%	6.34%	0.23%	-0.08%	-5.83%	4.14%	4.22%	0.83%	-3.75%	-0.08%	5.15%	0.68%	-2.98%	0.08%	4.16%	2.25%	-1.64%
EBIT ¹	1,480	1,387	1,324	1,206	1,316	1,235	1,207	1,316	1,361	1,254	1,420	1,351	1,385	1,245	1,337	1,413	1,435	1,314	1,303	1,427	1,477	1,378	1,369	1,457	-	-
Change	-	-6.28%	-4.54%	-8.91%	9.12%	-6.16%	-2.27%	9.03%	3.42%	-7.86%	13.24%	-4.86%	2.52%	-10.11%	7.39%	5.68%	1.56%	-8.43%	-0.84%	9.52%	3.49%	-6.69%	-0.68%	6.43%	-100%	-
Charge d'intérêts ¹	-282	-286	-279	-280	-279	-274	-267	-268	-272	-275	-260	-269	-298	-319	-344	-359	-373	-399	-416	-426	-425	-426	-	-	-	-
Earnings before Tax (EBT) ¹	1,243	966	978	390	996	912	940	970	1,119	907	1,269	886	949	789	1,058	670	950	645	623	835	904	896.9	-	-	-	-
Change	-	-22.28%	1.24%	-60.12%	155.38%	-8.43%	3.07%	3.19%	15.36%	-18.95%	39.91%	-30.18%	7.11%	-16.86%	34.09%	-36.67%	41.79%	-32.11%	-3.41%	34.03%	8.26%	-0.78%	-100%	-	-	-
Net income ¹	867	672	680	237	686	889	642	685	757	625	877	596	715	528	725	329	640	382	402	537	662.7	625.4	575.6	573.1	-	-
Change	-	-22.49%	1.19%	-65.15%	189.45%	29.59%	-27.78%	6.7%	10.51%	-17.44%	40.32%	-32.04%	19.97%	-26.15%	37.31%	-54.62%	94.53%	-40.31%	5.24%	33.58%	23.4%	-5.63%	-7.97%	-0.42%	-100%	-
Announcement Date	31/10/19	06/02/20	07/05/20	06/08/20	05/11/20	04/02/21	29/04/21	05/08/21	04/11/21	03/02/22	05/05/22	04/08/22	03/11/22	02/02/23	04/05/23	02/08/23	02/11/23	08/02/24	02/05/24	01/08/24	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: BCE Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	26,151	28,101	29,466	31,771	34,405	37,736	36,219	34,667
Change	-	7.46%	4.86%	7.82%	8.29%	9.68%	-4.02%	-4.29%
Announcement Date	06/02/20	04/02/21	03/02/22	02/02/23	08/02/24	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: BCE Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	3,988	4,202	4,837	5,133	4,581	4,058	3,956	3,882
Change	-	5.37%	15.11%	6.12%	-10.75%	-11.41%	-2.52%	-1.87%
Free Cash Flow (FCF) ¹	3,818	3,348	2,995	3,067	3,144	2,978	3,533	4,081
Change	-	-12.31%	-10.54%	2.4%	2.51%	-5.29%	18.66%	15.49%
Announcement Date	06/02/20	04/02/21	03/02/22	02/02/23	08/02/24	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: BCE Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	42.17%	41.98%	42.19%	42.19%	42.22%	43.11%	43.59%	43.63%
EBIT Margin (%)	23.34%	20.17%	22.53%	22.65%	22.29%	22.85%	23.45%	23.59%
EBT Margin (%)	18.3%	14.27%	16.79%	16.1%	13.47%	13.36%	15.86%	16.3%
Net margin (%)	12.69%	10.92%	11.55%	11.24%	8.41%	9.23%	10.83%	11.38%
FCF margin (%)	15.93%	14.63%	12.77%	12.69%	12.74%	12.09%	14.21%	16.15%
FCF / Net Income (%)	125.59%	134.03%	110.56%	112.92%	151.45%	130.91%	131.23%	141.87%
Profitability
ROA	5.38%	4.14%	4.25%	3.99%	4.14%	3.84%	3.82%	3.86%
ROE	15.22%	11.88%	12.42%	12.12%	13.8%	14.98%	16.28%	17.3%
Financial Health
Leverage (Debt/EBITDA)	2.59x	2.93x	2.98x	3.12x	3.3x	3.55x	3.34x	3.14x
Debt / Free cash flow	6.85x	8.39x	9.84x	10.36x	10.94x	12.67x	10.25x	8.5x
Capital Intensity
CAPEX / Current Assets (%)	16.64%	18.36%	20.63%	21.23%	18.57%	16.47%	15.91%	15.36%
CAPEX / EBITDA (%)	39.46%	43.74%	48.89%	50.33%	43.98%	38.21%	36.5%	35.2%
CAPEX / FCF (%)	104.45%	125.51%	161.5%	167.36%	145.71%	136.28%	111.96%	95.12%
Items per share
Cash flow per share ¹	8.828	8.567	8.824	9.172	8.711	8.289	8.748	-
Change	-	-2.96%	3%	3.95%	-5.03%	-4.84%	5.54%	-
Dividend per Share ¹	3.17	3.33	3.5	3.68	3.87	3.99	4.036	4.079
Change	-	5.05%	5.11%	5.14%	5.16%	3.1%	1.16%	1.06%
Book Value Per Share ¹	23.31	23.21	24.9	24.32	22.17	18.57	18.47	18.51
Change	-	-0.46%	7.29%	-2.34%	-8.82%	-16.24%	-0.55%	0.2%
EPS ¹	3.37	2.76	2.99	2.98	2.28	2.476	2.987	3.133
Change	-	-18.1%	8.33%	-0.33%	-23.49%	8.6%	20.64%	4.9%
Nbr of stocks (in thousands)	903,690	904,375	908,850	911,955	912,274	912,283	912,283	912,283
Announcement Date	06/02/20	04/02/21	03/02/22	02/02/23	08/02/24	-	-	-